SAN FRANCISCO (KCBS)— A plan approved by the San Francisco Municipal Transportation Agency (MTA) that turns taxi medallions into revenue-producing machines for the MTA is causing an uproar among cab drivers.

On Tuesday the city’s transportation agency approved the plan and hopes to generate $14 million over the next two years by allowing cab drivers over 60 years old to sell their medallions. $100,000 would go to the city plus an additional 20 percent transfer fee.

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Drivers are outraged by the decision, especially those who have been on a waiting list as long as 17 years to get their free medallion.

One cab driver called it a “cold-hearted, cutthroat abomination.”

KCBS’ Barbara Taylor Reports:

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MTA Commissioner Malcolm Heincke agreed the plan poses problems for those languishing on the waiting list, but said it’s good for older drivers who want to retire and for the city.

“This will create a revenue source for the MTA. I know some people decry that, but there are some significant financial needs,” Heincke explained.

The plan leaves drivers without medallions in a state of limbo. Those high on the list may still be able to eventually get one for free, but the likelihood is that most drivers who want a medallion will have to pay a hefty price for the privilege.

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